Using Classic Outlook on Windows for personal email, calendar, and contact management
In classic Outlook, please go to File > Office Account > About Outlook and let me know the product shown under Product Information and the Version/Build number. Microsoft states that the Try the new Outlook toggle requires Outlook for Microsoft 365 Version 2303 (Build 16227.20318) or later. If you have Microsoft 365 but an older build, go to File > Office Account > Update Options > Update Now and check again after Outlook restarts.
Also, if you have a one-time-purchase version such as Office Home & Business rather than Microsoft 365, the missing toggle is expected. You can still install the new Outlook for Windows directly from the Microsoft Store and keep classic Outlook installed. One correction to the previous answer is that POP accounts are now supported in new Outlook, so the presence of a POP account by itself should not be considered a reason.